Join Tim Regan and Katie Umland as they explore strategies you can use to boost your Social Security benefits, which factors could affect your overall payout, who can (and can’t) qualify and more.
There’s a lot of questions surrounding retirement finances – after all, you don’t know exactly what your costs and income could be years down the road. But one income stream we can start planning now? Social Security.
Roughly 66 million Americans collect Social Security benefits, which are available to seniors starting at the age of 62. However, you can choose to delay your benefits all the way up to age 70.
That’s a great option for those who may not need the extra income right at retirement. Regan notes that “between full retirement age and 70, Social Security benefits go up by about 8% a year.”
Other factors, like your marital status or your spouse’s employment, can affect your total benefit as well. And even though it’s not possible to tell exactly what your living or work situation will look like decades down the road, a financial planner can use these key pieces of information to help you estimate what your specific Social Security benefit could look like.
“When I look at building retirement income, Social Security gives me a base,” Regan says. “it’s money that I know I’m never going to outlive and that I can base some of my expenditures on – versus money that I’m taking from my portfolio, which could vary.”
In this episode, we’re covering:
- Who Social Security benefits are intended for (and who doesn’t qualify)
- How delaying your benefits could boost your overall benefit amount
- How longer lifespans impact Social Security and retirement planning
Click “Play” to learn more, or consider reaching out to a financial advisor for more personalized advice.
Key Timestamps and Topics
- 00:02:02 – Tim and Katie talk about how Katie’s son, Dylan, is adjusting to the idea of a new baby in the family.
- 00:03:11 – The hosts introduce the new mailbag segment and discuss the impact of Republican or Democrat presidents on the economy and investment returns.
- 00:06:35 – Tim and Katie dive into the topic of Social Security benefits, discussing the importance of making the right decisions and the potential future challenges of the program.
- 00:13:42 – The hosts discuss the importance of factoring in Social Security when planning for retirement and highlight the variables that come into play, such as full retirement age, working status, and income limitations.
- 00:14:43 – Delaying Social Security past full retirement age can result in increased benefits, with an 8% annual growth rate until age 70.
- 00:16:32 – The conversation expands to include considerations like Medicare insurance costs based on income and the potential for Roth conversions.
- 00:18:40 – Social Security provides a stable base of income that can help plan for retirement expenses, while other sources like investment portfolios may fluctuate.
- 00:19:36 – The hosts conclude by encouraging listeners to challenge their traditional thinking and be open to new strategies for retirement.
3 Key Takeaways
- Maximize your retirement income by optimizing your Social Security benefits.
- Learn key considerations for collecting Social Security and make informed decisions.
- Understand the implications of increasing life expectancy on your retirement plans.
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